Chap020博迪，凯恩，马库斯《投资学》课件.ppt

Optionlike Securities Callable Bonds Convertible Securities Warrants Collateralized Loans Figure 20.11 Values of Callable Bonds Compared with Straight Bonds Figure 20.12 Value of a Convertible Bond as a Function of Stock Price Figure 20.13 Collateralized Loan Figure 20.14 Return on Indexed Linked CD Table 20.6 Prices of Digital Options on Initial Jobless Claims Figure 20.15 Implied Probability of Jobless Claims Derived from Traded Digital Options Exotic Options Asian Options Barrier Options Lookback Options Currency Translated Options Digital Options 20-* Investments, 8th edition Bodie, Kane and Marcus Slides by Susan Hine McGraw-Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved. CHAPTER 20 Options Markets: Introduction Buy - Long Sell - Short Call Put Key Elements Exercise or Strike Price Premium or Price Maturity or Expiration Option Terminology In the Money - exercise of the option would be profitable Call: market priceexercise price Put: exercise pricemarket price Out of the Money - exercise of the option would not be profitable Call: market priceexercise price Put: exercise pricemarket price At the Money - exercise price and asset price are equal Market and Exercise Price Relationships Figure 20.1 Stock Options on IBM American - the option can be exercised at any time before expiration or maturity European - the option can only be exercised on the expiration or maturity date American vs. European Options Stock Options Index Options Futures Options Foreign Currency Options Interest Rate Options Different Types of Options Notation Stock Price = ST Exercise Price = X Payoff to Call Holder (ST - X) if ST X 0 if ST X Profit to Call Holder Payoff - Purchase Price Payoffs and Profits at Expiration - Calls Payoff to Call Writer - (ST - X) if ST X 0 if ST X Profit to Call Writer Payoff + Premium Payoffs and Profits at Expiration - Calls Figure 20.2 Payoff and Profit to Call Option at Expirat